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Friday, March 09, 2012 11:08:32 AM

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8:48 AM Royal Dutch Shell (RDS.A) will stop buying crude oil from Iran ahead of July 1, when an EU embargo of Iranian oil takes effect. The move signals that Iran may lose customers well before July 1 because some annual term contracts expire at the end of March. While European buyers are unlikely to renew deals, Asian refiners are under pressure to reduce term volumes when they renew contracts.
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